Definitely check out the Cree XR-E lights. A Fenix L2D-CE will output ~120 lumens(!!) on 2AA. The XR-Es are nearly 100% more efficient than Luxeons, so you get about the same runtime at 120 lumens that a luxeon will produce at ~60 lumens.
I have a Rexlight 2.0 Cree XR-E light coming (for the $30 introductory price) and hope to due a comparison review with a luxeon when it arrives, with beamshots.
Oh, and BTW, I would not hesitate to buy a Fenix. I own about 6 Fenix lights of various models, and none of them have had any issues whatsoever. Fenix is one of the few Chinese companies that cares about the quality of their products, listens to its customers and constantly improves.
www.fenix-store.com is an excellent Fenix dealer, and the service is top-notch.
Currently there are no US (large production) flashlight manufacturers offering Cree lights, but it won't be long. Surefire is bringing out Cree models, but it could be quite some time before they're available.